4x4 Insurance rip off

Submitted: Wednesday, Jul 21, 2004 at 18:37

ThreadID: 14876 Views:2154 Replies:12 FollowUps:13

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Member - Barry W (VIC)

Hi all
I need your HELP again, since my last post(14792) regarding my stolen cruiser
I have been contacted by my "Oh" so caring Ins Co. They have offered $13,000 for vehicle $15500 with accessories thats less than what is stated on policy ??
When I mentioned this fact to the accessor his reply was the vehicle depreciates each month ??? What happened to 12month policy. He did increase payout to $16000 once only offer ??? After discussion
Others factors to consider, in last 18 months $8,000 of accessories purchased
they were depreciated to $3,000 all other accessories depreciated to zero.
All receipts and invoices were supplied, when questioned regarding this matter his answer was -
1.. He can not see car doesn't know condition ??
2.. ARB/OME suspension upgrade doesn't count car came with suspension ??
3.. Chrome wheels don't count car came with wheels ??
4.. Off road tyres don't count car came with tyres ??
you can see where that was going !!!
Although I supplied considerable info regarding condition of vehicle it didn't matter
I have reserved my decision to access my options, first port of call AAMI Consumer Appeals takes 5 days to reveiw ???
I would REALLY appreciate any advice anyone can give me how to fight these PR***S I'm sure there are plenty of other victims out there
To all you other 4x4 owners PLEASE leave no stone unturned to make sure you are suitably covered Keep all paperwork/serial nos and photos even take your vehicle to the Ins Co to veiw each time you renew your policy (I will be next time )
so you can proove they have sighted it.
Hope this helps you all from ending up in my situation.
I have been asking about my cover regarding accessories and cover while 4x4 driving for 12 months answer "TRUST US" you are covered, won't give anything in writing ???
Looking forward to your replies
Cheers
Barry

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Reply By: Truckster (Vic) - Wednesday, Jul 21, 2004 at 19:00

Wednesday, Jul 21, 2004 at 19:00

the problem: AAMI. Not the first story like this about them.. But then, theres stories like this about ALL of them...

AAMI, some people love them....

seek legal advice, dontbleeparound.. Sadly I cant see you winning, Insurance companies are $HIT... the lot of them.

AnswerID: 68858

Follow Up By: Member - Barry W (VIC) - Wednesday, Jul 21, 2004 at 22:18

Wednesday, Jul 21, 2004 at 22:18

Truckster, your right Insurance CO's are like Politicians they are all the same when it comes down to it.
But you don't have to take it up the "proverbrial" with out a fight, I still may only end up with my $16K but they are going to know about it and maybe I might help someone else along the way ??
Cheers
Barry

FollowupID: 329387

Reply By: Member - Tom (NT) - Wednesday, Jul 21, 2004 at 19:01

Wednesday, Jul 21, 2004 at 19:01

Don't Accept their first offer get tough!!! I had a commodore stolen a few years back they first offered us $3500.00 ended up getting $6000 after a lot of arguments. Try the well replace the car with the equivilent then with them.
Good luck like dealing with a pack of idiots (I think they get a bonus the more they rip you off)
Tom

AnswerID: 68860

Follow Up By: Member - Barry W (VIC) - Wednesday, Jul 21, 2004 at 22:22

Wednesday, Jul 21, 2004 at 22:22

Thanks Tom
You have given me a little bit of light at end of a LOOOONG tunnel
I have run that by them regarding Iwill buy a Cruiser for 13K off them
answer basically - YOUR PROBLEM NOT MINE.
Cheers
Barry

FollowupID: 329388

Reply By: brian - Wednesday, Jul 21, 2004 at 19:06

Wednesday, Jul 21, 2004 at 19:06

Barry did you have agreed value policy or market value,my gu is insured with same company with about $15000 of accessories listed on the policy,I'm told they would pay out the agreed market value if a total loss.Havent claimed yet though.

My agreed value on 2002 gu 3litre is $56000 including accessories.

AnswerID: 68862

Follow Up By: Member - Barry W (VIC) - Wednesday, Jul 21, 2004 at 22:31

Wednesday, Jul 21, 2004 at 22:31

Hi Brian
Yes had agreed / market which ever higher
Their argument is they havn't seen car don't know condition ???
Second they tried to reduce agreed value by saying that the car has depreciated each month since I renewed my Insurance ???
Exlplain that to me !!!!!
As I said in my post, I recommend that you physically take your Vehicle to the INs Co to proove that they have seen it because when it is gone TOTALLY they have all the excuses under the sun, DO NOT TAKE FOR GRANTED WHAT THEY TELL YOU OVER THE PHONE !!!!
I DID and guess what ????
Thanks for the reply it is appreciated
Cheers
Barry

FollowupID: 329389

Reply By: Member - Bernie. (Vic) - Wednesday, Jul 21, 2004 at 19:37

Wednesday, Jul 21, 2004 at 19:37

Hi Barry, Having your vehicle stolen is bad news at the best of times, I dont think anyone could ever replace what they had with any amount of insurance money, IMHO it gets worse if its market value (as you said cant see it or if its a wreck ??).
However if the policy had a figure thats it for 12months unless it specificly said it depreciates. Not much help but read all the fine print.

AnswerID: 68872

Follow Up By: Member - Barry W (VIC) - Wednesday, Jul 21, 2004 at 22:40

Wednesday, Jul 21, 2004 at 22:40

Thanks Bernie
Your right I don't expect to replace my vehicle and Accessories, but I do expect to get a fair and resonable $$$
Why list them on the policy in the first place ???
I am posting this S**Tfull position I am in hopefully to raise the awareness of don't be complacent with thieves "IT CAN"T" happen to me, as I did to a certain extent, also make sure you are confident in your mind about your Ins Co "GET IT IN WRITING"
Cheers
Barry

FollowupID: 329390

Reply By: madcow - Thursday, Jul 22, 2004 at 08:22

Thursday, Jul 22, 2004 at 08:22

Mate sorry to hear of that but do you have the option of having them supply you the same vehicle with the accessories as listed on your policy? That is one argument I would be throwing back at them as was the case with myself when I drowned my patrol last year. I knew what they were worth and they had no answer for that argument. In all The vehicle was 3.5 years old, 67,000kms and the end result was a payout of $50,500 which included a new power supply for the engel. The company was CGU and they were terrific! Their first offer was $33,000 which was unbelievable for a GU 4.2TD.

Cheers and Good Luck

We all are supporting you

AnswerID: 68968

Follow Up By: Member - Barry W (VIC) - Thursday, Jul 22, 2004 at 21:08

Thursday, Jul 22, 2004 at 21:08

Thanks mate
I did ask them that question towards the end and the answer was he knows that but thats my problem!!!!
Then came this is aonce only offer take it or leave it !!!!!!
Politely said I will leave it ???? I know what I would have preferred to say I can only hope I'm as lucky as you
cheers
Barry

FollowupID: 329494

Reply By: Rob! - Thursday, Jul 22, 2004 at 09:21

Thursday, Jul 22, 2004 at 09:21

Barry,

Try sending a letter to your member of parliament. It's amazing how much they will do for you before the elections.

R.

AnswerID: 68981

Follow Up By: Member - Barry W (VIC) - Thursday, Jul 22, 2004 at 21:10

Thursday, Jul 22, 2004 at 21:10

Hi Rob
Good idea, Try anything once or twice !!!!!
Cheers
Barry

FollowupID: 329496

Reply By: Truckster (Vic) - Thursday, Jul 22, 2004 at 09:22

Thursday, Jul 22, 2004 at 09:22

I posted your story on Outerlimits4x4.com and heres one positive response.

I wasnt sayin above to give up, but insurance companies always make you wait, I know one bloke been battling with them for 5 years over a payout on his car, he has police evidence IN HIS FAVOR, (his car was carjacked at a shop, the cops were going past! chased the bloke but he got away, car was found smashed and dumped later.).. still screwing him.

--------------------------------------------------------------------------------
I think its the office of fair trade that would help you with this thing but im not sure.
Recently my dad bought a rangerover. he had a comprehensive check with racv and they didnt pick anything up. anyhow turns out the viscous coupling was siesed. RACV wouldnt take any responsibility untill he rang the office of fair trade. they told him what to do and guess what, they are now copping the $4000 bill.

I would give them a ring as they will either give you direct assistance or refer you to someone.
--------------------------------------------------------------------------------

AnswerID: 68982

Follow Up By: Member - Barry W (VIC) - Thursday, Jul 22, 2004 at 21:14

Thursday, Jul 22, 2004 at 21:14

Cheers Truckster
I'm making a list of my options at present ready for the next round when they come back with their next offer, I will definately give them a try.
cheers

FollowupID: 329498

Reply By: Rob W. - Thursday, Jul 22, 2004 at 12:17

Thursday, Jul 22, 2004 at 12:17

Might be worth taking it to the Current Affairs programmes in Vic.

AnswerID: 69016

Follow Up By: Member - Barry W (VIC) - Thursday, Jul 22, 2004 at 21:16

Thursday, Jul 22, 2004 at 21:16

hi rob
yes have considered that one, see how I go through the main stream channels first.

FollowupID: 329499

Follow Up By: Truckster (Vic) - Friday, Jul 23, 2004 at 10:59

Friday, Jul 23, 2004 at 10:59

Current Affairs Programs are all positive for 4wds.

FollowupID: 329574

Reply By: DARREN - Thursday, Jul 22, 2004 at 13:45

Thursday, Jul 22, 2004 at 13:45

Barry you say "agreed / market which ever higher"

What did you agree?

I think you should closely read the actual policy wording because if there is nothing in the policy which says agreed means agreed less monthly depreciation then you must be insured for proper agreed which means exactly that & does not mean: what they wish to offer.

AnswerID: 69030

Follow Up By: Member - Barry W (VIC) - Thursday, Jul 22, 2004 at 21:21

Thursday, Jul 22, 2004 at 21:21

hi Darren
I am insured for agreed value It was oviously a ploy to see I would accept the money. As I said in my post he tried all the dirty tactics to try and sell his Bull***t valuation to me.
once I started to question his reasoning he became like the old
" USED CAR SALESMAN " tactics we have all heard a million times.
Cheers
Barry

FollowupID: 329505

Reply By: brian - Thursday, Jul 22, 2004 at 17:47

Thursday, Jul 22, 2004 at 17:47

Barry as above check the policy type if its "agreed value" thats whats paid out"
my policy with allianz not aami defines this policy as"agreed value"means the amount which we agree to insure your vehicle for as shown in your current schedule.

further page 6 clause d reads If you have comprehensive cover... cover for accidental loss or damage to your vehicle....d. we will pay you the agreed value of your vehicle when the current schedule shows that your vehicle is insured for an agreed value.

This is not negotiable,you must have market value,or is there something else,how does your policy read????

AnswerID: 69064

Follow Up By: Member - Barry W (VIC) - Thursday, Jul 22, 2004 at 21:29

Thursday, Jul 22, 2004 at 21:29

Brian
my policy reads Amount covered for - Agreed Value or Market Value which ever is higher.
They are trying to sell me Lowest market value???
Thanks for the reply
Barry

FollowupID: 329508

Reply By: Member - Bernie. (Vic) - Thursday, Jul 22, 2004 at 23:52

Thursday, Jul 22, 2004 at 23:52

Hi Barry spoke to my insurance Co today, If there is a agreed value figure $$$ on the policy thats what they pay, and no depreciation on that figure, thats why agreed cost more to start with usually about 10% but you know how much you are getting on a payout, keep fighting the pricks.

Regards

AnswerID: 69156

Follow Up By: Truckster (Vic) - Friday, Jul 23, 2004 at 11:02

Friday, Jul 23, 2004 at 11:02

I agree, I thought thats what AGREED value was compared to MARKET value.

You AGREE on the value!

Man I hate insurance companies almost as much as priests, banks, politicians, and our wonderful petrol sniffin people...

YMMV

FollowupID: 329577

Reply By: kiss'n'dirt - Sunday, Jul 25, 2004 at 08:15

Sunday, Jul 25, 2004 at 08:15

Hi Barry

I went through something like this with suncorp earlier in the year. Although i had my Sound system and DVD/Tv taken, not the entire vehicle. Suncorp only wanted to fix the pajero to original form but not replace my sound system. I was partly to blame but conversations with them were conveniently lost.

Now. Years ago there use to a an Ombudsman. This guy keeps the ins co. on the straight and narrow. These days you have to go to the customer claim appeals people. Every ins co has a different name for it. They are actually helpful. If you want a quick fix, ask for 90% so they are still getting some benefit and you out of their face.

I was entitled to a $3000 payout for the DVD/TV. At the time of signing up for insurance 6 yrs ago I would have been entitled to only $2000. I made the point that i'm not greedy. Just want what i Originally signed up for. they agreed and cheque in my hand within a week. When you consider the stress you put your self through. Is that extra money worth it. I bit the bullet and got on with life. I don't even think about it now. Lucky for me, the people that took my gear is in jail.

one important thing, When you receive the cheque/letter, see if there is something on there saying (finalising the account/claim). This pretty much means they've closed your claim folder. The cops ended up giving me back my sound system, I haven't informed Suncorp. "My excuse if they ever ask is I waiting for them to contact me as the cops said they'll contact suncorp."

This was the only hassels I've had with Suncorp. I've had other claims and they have been really fast.

I now list every item on the Patrol down to an extra bolt with photos and videos.

hope this helps

AnswerID: 69483

Follow Up By: Member - Barry W (VIC) - Sunday, Jul 25, 2004 at 20:24

Sunday, Jul 25, 2004 at 20:24

Thanks for the info,
I have gone to the Govn't Ombudsman in the past trying to get something in writing from AAMI regarding what I'm covered for and he referred me straight back to AAMI complaints dep't. Took a lot of interest ???
This time I have referred the matter back to AAMI customer ombudsman
gotta wait 5 days.
I have stated that all I want is a fair and reasonable $$$ for my vehicle
I will keep in mind your point re final claim payment when my claim is finalised ????
Your last point I can't stress enough to "EVERYONE" make sure you and your Insurance Co are speaking the same "ENGLISH" even though I supplied photos, receipts, invoices etc they are still trying to con me.
thanks again
Barry

FollowupID: 329868